Bulletin 10, 2007
Round up
2 - two life insurance rate changes since the last bulletin, Legal & General and NU
9 - the average number of days taken to accept all our life insurance cover applications in March this year
21 - the number of health events in June, including Male Cancer Awareness Month and National Food Safety Week
39 - the average number of days taken to accept all our income protection applications in March this year
627,814 - the total number of enquiries and complaints made to the Ombudsman last year
Ombudsman annual review (for the year April 2006 to March 2007)
- 94,392 new complaints received
- Banking disputes up 47%
- Loan protection (PPI) disputes up 39%
- Motor insurance disputes up 25%
- Income Protection disputes down 24%
- Critical illness and income protection disputes down 17% overall
Of all insurance-related complaints made 5.5% were for income protection, 4.5% for critical illness, while motor was the highest at 27%.
Out of context
'I did once buy a Max Bygraves CD'
'We've got fairy cakes, they caught my eye for some reason'
'There's lots of Australians and lots of incest there'
'Alan was very good at keeping it warm'
'I wear a cagoule at weekends'
'I'm not going to disappoint you on your birthday, Kevin'
Comments of the week
'We are pleased to record a 17% decline in the number of disputes we received during the year relating to income protection and critical illness insurance. This follows what has previously been a steady pattern of year-on-year growth in the number of health insurance complaints.'
Financial Ombudsman Service
Quote taken from the Ombudsman's annual review, issued this week
'You can buy life insurance on an information only basis or with advice. For information only, you choose the product to buy. With advice, you receive a recommendation on the life insurance and protection product and the life insurance company. Always take the advice route for life insurance and protection insurance as this gives you the right to complain if you are sold the wrong policy.'
Which?
Quote taken from May 2007 edition
Heroes of the week
The two best life insurance and protection journalists in the UK according to last night's Headline Money awards!
Voted for by journalists and PRs the winners in the life insurance and protection categories were Esther Shaw from The Independent on Sunday (consumer) and David Sawers from Health Insurance magazine (trade).
Congratulations to Esther and David as well as all the other winners from last night's event.
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